The Washington Post, Thursday newsprint edition, carried a front page article on the Dow hitting a new all-time high at 22000. This is the first such (front page) article for the Post in several years. While not as wildly optimistic as similar articles in the past (see below), it is worth keeping in mind, especially this time of year (just before the September-October period).
The most noteworthy such articles usually discuss how outright novices are quitting their jobs to trade stocks or worse (futures, options) and highlight the successful traders. Based on statistical data and many anecdotes, such investing is almost always disastrous in the long term.
Anyway, as most long-term board members might remember, I tend to post cautious comments, so this post is characteristic of my thoughts. At the moment (and for most of my investing life), I have been fully invested in stocks. So obviously my actual investments would appear to be less cautious than my comments. As promised in the past, if my allocation changes significantly, I will post it to the board.
Good luck,
Tex
Posted by: mrweyl@hotmail.com
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